Boston, MA — Eastern Bank is providing financing for a multi-site affordable senior housing development in four New Hampshire communities: Tamworth, Bethlehem, Manchester, and Pelham. Sponsored by Housing Initiatives of New England Corporation, a nonprofit developer and operator of affordable senior housing across New England, the financing will support the rehabilitation of 122 affordable senior housing units and construction of 28 new units for moderate-income seniors. Eastern is providing $28.3 million in construction financing and $15.7 million in permanent financing, structured through a tax-exempt bond issuance by New Hampshire Housing and supported by Low-Income Housing Tax Credits.
“Eastern Bank’s financing of this project enables the preservation and expansion of affordable senior housing in four New Hampshire communities at a time when access to affordable housing remains a critical need across our region,” said Cyndy Taylor, president of Housing Initiatives of New England. “Each property is unique, and with Eastern Bank’s financial support, we are able to reinvest in them in a coordinated way, ensuring they remain stable, sustainable and affordable for our senior residents well into the future. These transactions are sophisticated, and we sought a banking team experienced in effectively applying a range of resources, from tax-exempt bonds to Low-Income Housing Tax Credits; Eastern Bank’s Community Development Lending team took the time to understand the unique needs of our project and apply their extensive knowledge to create a well-structured financing transaction.”
“Bringing together the financing of four properties requires a thoughtful, collaborative approach from start to finish,” said Yongmei Chen, senior vice president, Commercial Group Director of Community Development Lending of Eastern Bank. “We are proud to support Housing Initiatives of New England in advancing affordable housing for seniors in New Hampshire, and to work with New Hampshire Housing to purchase a bond to enable this kind of construction.”
The Community Development Lending team advising the transaction was led by Chen and Angela Meehan, senior vice president, Community Development Lending Team Leader.
